The U.S. Department of Transportation (DOT) recently awarded a $106.95 million loan to complete Colorado’s C-470 Express Lanes Project in the Denver area.
U.S. Transportation Secretary Elaine Chao said in a release that the Transportation Infrastructure Finance and Innovation Act (TIFIA) loan to the Colorado High Performance Transportation Enterprise (HPTE) will come through the DOT’s Build America Bureau, which handles nationwide infrastructure development.
Highway C-470 stretches for 26 miles linking primary roadways on the outskirts of the Denver area. The C-470 project represents the first part of a multi-phase plan to alleviate corridor congestion by upgrading road design and adding express toll lanes. HPTE officials expect the work to improve traffic flow and save drivers time.
“By leveraging a loan from the bureau, more projects like the C-470 Express Lane Project can become viable,” Marty Klepper, the bureau’s executive director, said in the release. “We have an open door policy for any transportation project sponsor to meet with our team to discuss bureau loan programs that could move projects forward.”
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